Date: For Parliament Sitting on 8 September 2026

Name and Constituency of Member of Parliament

Mr Chua Kheng Wee Louis, Sengkang GRC

Question

Mr Chua Kheng Wee Louis: To ask the Prime Minister and Minister for Finance (a) whether MAS has assessed Singapore’s proposed profit-related returns exemption against Hong Kong’s Bill gazetted in June 2026 to expand tax breaks; (b) if so (i) how does the scope and tax treatment differ (ii) whether Singapore’s regime will be broader or narrower and (iii) what is the projected impact of the Bill on fund manager relocation and assets under management in Singapore.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry (Trade), and Chairman of MAS:

1. MAS closely monitors developments across major financial centres, assesses their implications and implements the necessary measures to enhance Singapore’s competitiveness. The key principle and feature of Singapore’s proposed tax exemption have been communicated in MAS’ announcement on 19 August 2026, and the full details will be announced at Budget 2027. MAS is currently engaging widely with the asset management industry to provide clarifications and hear further feedback.

2. Asset managers’ decisions on where to locate and grow their activities are shaped by a range of considerations, including tax treatment, access to talent, market opportunities, regulatory regime, and the operating environment. In recent years, the asset management sector has grown strongly as more fund managers have expanded and set up in Singapore.

3. This tax exemption, along with the other measures MAS announced on 19 August 2026, will further strengthen the competitiveness of Singapore’s asset management industry, so that it can continue to grow well and provide good jobs for Singaporeans.

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